Tracinda drops plan to acquire MGM Mirage properties

By Lisa Kerner

Charlotte, N.C., June 20 - Tracinda Corp. said it is no longer interested in negotiating with MGM Mirage to buy the Bellagio Hotel and Casino and CityCenter properties.

The Kirk Kerkorian-owned investment company and majority stockholder believes there is "significant potential to unlock value for the company's shareholders through a variety of strategic transactions" involving MGM Mirage's assets.

The Las Vegas-based gaming company terminated the transaction committee formed to consider any Tracinda proposals. UBS Investment Bank and Weil, Gotshal & Manges LLP advised the committee.

"We are very gratified by the overwhelming interest in our company that followed Tracinda's initial announcement," MGM Mirage chairman and chief executive officer J. Terrance Lanni said in a company news release.

MGM Mirage announced that it intends to form a joint venture with Kerzner International Holdings Ltd. to develop a multi-billion dollar integrated resort property on 40 acres of land on the Las Vegas Strip. A definitive agreement between the companies is expected in the third quarter of 2007.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.